Deloitte’s Brian Ruben, global real estate audit and assurance leader, and Kevin Richards, U.S. financial services industry leader, joined an in-person episode of the REIT Report podcast at the New York Stock Exchange on Oct. 8.
Speaking ahead of the third annual NYSE Deloitte Nareit REIT Board Member Forum, Ruben and Richards highlighted the critical role of boards today, focusing on capital allocation, risk management, and strategic planning amidst changing market conditions. They shared insights on governance, AI/technology, and leadership development to help boards navigate complex challenges.
Richards underscored that while capital is “very much available, it is selective.” He highlighted the essential role of REIT boards in advising on capital allocation strategies and noted that boards need to weigh several considerations in today's changing environment, including cost allocation, asset management, and partnership.
Meanwhile, Ruben advised against relying on broad labels for portfolio classification. He urged boards to focus on the specifics of each portfolio, looking closely at the drivers of demand and geographic concentration.
The interview encompassed: proactive board guardrails, essential portfolio data, climate and physical risk, building the right board, AI governance questions, succession planning, when boards should push back, measuring board effectiveness, and defending decisions to investors.